Commissions are given to employees as a reward on special occasions.
Answer the following statement true (T) or false (F)
False
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The loss of usefulness because of inadequacy or obsolescence is called ____________________ depreciation
Fill in the blank(s) with correct word
The use of prototype stores, standardized merchandise lines, and cooperative advertising give product/trademark franchisees similar advantages to chains
Indicate whether the statement is true or false
Kylie is a carpenter. As a skilled worker, the union that Kylie is a member of is a craft union.
Answer the following statement true (T) or false (F)
A company had revenues of $75,000 and expenses of $62,000 for the accounting period. Dividends of $8,000 were paid in cash during the same period. Which of the following entries could not be a closing entry?
A. Debit Revenues $75,000; credit Income Summary $75,000. B. Debit Income Summary $13,000; credit Retained earnings $13,000. C. Debit Retained earnings $8,000, credit Dividends $8,000. D. Debit Income Summary $75,000; credit Revenues $75,000. E. Debit Income Summary $62,000, credit Expenses $62,000.